Weekly News 05/10/21 to 05/14/21

What happened in the stock market

All the Canadian markets were down this week despite a strong close on Friday:

  • CSE with a loss of 4,02 %;
  •  TSXV with a loss of 3,22%
  • TSX with a loss of 0,69%

Canadian wholesale and manufacturing sales in both climbed higher in March after pulling back in February.

Statistics Canada said Friday manufacturing sales hit their highest level since June 2019 as they climbed 3.5 per cent to $57.8 billion in March.

 

However, Statistics Canada said that the semiconductor shortage is expected to continue and some auto manufacturers have announced plans to reduce output in some assembly plans in Ontario.CIBC senior Royce Mendes said factories and warehouses were buzzing again in March.

“The good news is that the increase in March factory sales was relatively broad based, with 17 of 21 industries gaining ground, so not overly reliant on the pickup in motor vehicle production,” Mendes wrote in a report.

 

On Wednesday, Elon Musk, the chief executive of Tesla, said his company will no longer accept Bitcoin for car purchases, citing environmental concerns, in a swift reversal of its position on the currency after criticism by some investors.

However, there are growing attempts to turn bitcoin green and mitigate the environmental harm of mining — and this is happening in Canada.

Projects in Canada are looking to wean bitcoin mining away from fossil fuels, such as using hydroelectricity, solar and wind.

Top picks of the week

Nevada King Gold Corp.

Graphene Manufacturing Group Ltd

High Tide

Empower Clinics

Filo Mining Corp.

Know more about the Top Picks

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